Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For t
ID: 2333847 • Letter: J
Question
Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, the following transactions occurred July 3 Jake provides lawn services to Luke's repair shop on account, $500 July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $450 July 9 Luke pays $500 to Jake for lawn services provided on July 3. July 14 Luke borrows $600 from Jake by signing a note July 18 Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $110 July 20 Jake pays $450 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $800 July 30 Luke pays employee salaries for the month, $300 July 31 Luke pays $600 to Jake for money borrowed on July 14 Required: Record the transactions for Jake's Lawn Maintenance Company. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 4 6 8 Record the service revenue on account. Note: Enter debits before credits Date General Journal Debit Credit July 03 500 Record entry Clear entry View general journalExplanation / Answer
Journal Entries
In the Books of Jake's Lawn Maintenance company
Date
General Journal
Debit
Credit
3-Jul
Accounts Receivables
$ 500.00
Service Revenue
$ 500.00
(Service Provided)
6-Jul
Repair expense
$ 450.00
Accounts Payable
$ 450.00
(Repair expense recorded)
9-Jul
Cash
$ 500.00
Accounts Receivables
$ 500.00
(Cash received against receivables)
14-Jul
Cash
$ 600.00
Notes Payable
$ 600.00
( Notes payable issued)
18-Jul
Advertising Expense
$ 110.00
Cash
$ 110.00
( Advertising expenses paid)
20-Jul
Accounts Payable
$ 450.00
cash
$ 450.00
( cash paid to payables accounts)
27-Jul
Cash
$ 800.00
Service Revenue
$ 800.00
(Services provided)
30-Jul
Salaries expense
$ 300.00
cash
$ 300.00
( Salaries paid)
31-Jul
Notes Payable
$ 600.00
Cash
$ 600.00
( Notes payables paid )
Journal Entries
In the Books of Jake's Lawn Maintenance company
Date
General Journal
Debit
Credit
3-Jul
Accounts Receivables
$ 500.00
Service Revenue
$ 500.00
(Service Provided)
6-Jul
Repair expense
$ 450.00
Accounts Payable
$ 450.00
(Repair expense recorded)
9-Jul
Cash
$ 500.00
Accounts Receivables
$ 500.00
(Cash received against receivables)
14-Jul
Cash
$ 600.00
Notes Payable
$ 600.00
( Notes payable issued)
18-Jul
Advertising Expense
$ 110.00
Cash
$ 110.00
( Advertising expenses paid)
20-Jul
Accounts Payable
$ 450.00
cash
$ 450.00
( cash paid to payables accounts)
27-Jul
Cash
$ 800.00
Service Revenue
$ 800.00
(Services provided)
30-Jul
Salaries expense
$ 300.00
cash
$ 300.00
( Salaries paid)
31-Jul
Notes Payable
$ 600.00
Cash
$ 600.00
( Notes payables paid )
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